As I mention occasionally, it’s way too late for me to worry about having a pen name for furry stuff. I got into this sufficiently long ago that people just didn’t worry about that – if you look through issues of FurVersion and YARF!, contributors with (obvious) pen names were the exception, not the rule. Maintaining a strong separation between “real name” and “furry name” didn’t really become the norm until the early-to-mid 2000s, I’d say. (I suspect there’s a few reasons as to why, but that may be something more in JM’s ballpark than mine.)
For me the dividing line between “publish this under a pen name” and “publish this under my real name” boils down to “is this something I am comfortable explaining if it comes up in a conversation with a non-furry.” For an awful lot of my work, including Indigo Rain, the stories in Why Coyotes Howl and Kismet, the answer remains yes, even if I brace myself for the possibility of having to explain that no, I don’t have much interest in donning a coyote costume for wild parties.